30 July 2012

Egypt: Central Bank Stabilizes Interest Rate

The Committee of monetary policy of the Central Bank of Egypt (CBE) decided at its meeting on 28/7/2012 to stabilize overnight deposit and lending rates at 9.25 % and 10.25 % respectively.

Bankers commented that the decision fits with the current economic status that requires measures and appropriate procedures to maintain the stability of the exchange market. The decision also reflects the ability of the central bank to continue its balanced monetary administration to minimize the difficulties the economy faces in light of the current conditions in the Egyptian market that affect the sources of foreign exchange, they added.

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